Intrepid Mines (IAU)

Intrepid Mines
’s spectacular year is back on track after a glitch earlier this month. Shares in the Indonesian gold and copper explorer have put on 31 per cent since the start of November, recovering from a 15 per cent slump. Intrepid is now trading at a 12 month high, having put on 581 per cent this year. The explorer announced the successful completion of its $C122 million ($123 million) raising on Thursday. Intrepid issued 63.4 million ordinary shares at $C1.77, a 5 per cent discount to the 10-day volume weighted average price on the Toronto Stock Exchange. Intrepid announced a $4.8 million profit for the three months to the end of September. Exploration activity picked up after Intrepid completed the sales of its Paulsens goldmine to
Northern Star Resources
. In September, it reported exploration results from its Tujuh Bukit project. Initial drilling intersected 589.5m, averaging 0.57 grams of gold a tonne, 0.65 per cent copper and 122 parts per million molybdenum.